JLL Secures Financing for Houston Facility
- Nov 29, 2018
JLL has secured a floating rate construction loan for the development of a 1,311-unit, Class A self storage property in Houston. The company secured the loan on behalf of Central Southwest Texas Development LLC.
The new five-story, 132,350-square-foot storage development will be located in Houston’s Westchase submarket at 10411 Westheimer Road, just off Freeway 8 and near interstates 10 and 69, around 15 miles from downtown Houston. The area is densely populated, with more than 180 residential properties encompassing approximately 56,800 units situated within a three-mile radius, according to Yardi Matrix data. The average annual household income in the area is around $91,300.
“Self storage has proven itself to be a defensive asset class that remains stable through economic cycles,” said Griffin Guthneck, senior vice president at JLL. “There is still quite a bit of demand for quality self-storage product and capital is available to well-located, institutional-quality projects.”
JLL’s team included Guthneck and Vice President CW Sheehan. In October, JLL also arranged the sale of a two-state self storage portfolio comprising a facility in Houston and one in Los Angeles.
Image courtesy of JLL